InterContinental Hotels Group 将来の成長
Future 基準チェック /16
InterContinental Hotels Groupの収益は年間13.1%で減少すると予測されていますが、年間利益は年間9.4%で増加すると予想されています。EPS は年間12.1%で増加すると予想されています。
主要情報
9.4%
収益成長率
12.07%
EPS成長率
| Hospitality 収益成長 | 18.2% |
| 収益成長率 | -13.1% |
| 将来の株主資本利益率 | n/a |
| アナリストカバレッジ | Good |
| 最終更新日 | 07 May 2026 |
今後の成長に関する最新情報
更新なし
Recent updates
Seeking Alpha • Mar 18
InterContinental Hotels Group: Further Upside May Not Be Accommodated For Now
Summary InterContinental Hotels Group PLC delivered robust FY results, with revenue up 5.4% YoY and operating margin at 23.1%. IHG’s franchise-heavy model and strong liquidity underpin resilience against inflation and geopolitical risks, especially in EMEAA and Greater China. Valuation appears full, with a DDM-derived target price of $134.06; technicals signal bearish momentum and limited near-term upside. I downgrade IHG from buy to hold, citing macro headwinds, Middle East tensions, and current price action. Read the full article on Seeking AlphaSeeking Alpha • Feb 10
InterContinental Hotels Group: Market Opportunities To Support Its Upside
Summary Hotels and accommodations, including InterContinental Hotels Group, are poised for growth due to revenge travel and solid fundamentals. IHG's fee-based business model and strong liquidity position it well for market recovery and expansion, despite some technical weaknesses. Favorable travel outlook and hybrid work trends are key growth catalysts for IHG. IHG remains underpriced with a 47% upside potential; consider it for long-term investment and range trading for short-term opportunities. Read the full article on Seeking AlphaSeeking Alpha • Nov 22
InterContinental Hotels: Double-Digit Growth Potential Is Reflected In The Price
Summary Shares of InterContinental Hotels Group PLC have been on a strong run, returning around 75% since my last piece just over a year ago. Unit count growth has remained robust, despite my previous concerns around the impact of higher interest rates on project financing. IHG stock trades for ~28.5x EPS, up from 19.5x previously. While potential double-digit EPS growth is attractive, it would only take a modest degree of multiple contraction to offset this. Read the full article on Seeking AlphaSeeking Alpha • Oct 29
InterContinental Hotels Group: Remain Confident On Growth Recovery And Capital Return Momentum
Summary I maintain a buy rating on IHG due to positive EPS outlook, solid demand momentum, and strong balance sheet enabling capital returns to shareholders. Despite a slight RevPAR slowdown in 3Q24, positive forward demand indicators and macroeconomic improvements suggest growth will accelerate. IHG's strong cash conversion and low leverage ratio position it well for continued share buybacks, enhancing shareholder value. Read the full article on Seeking AlphaSeeking Alpha • Aug 14
InterContinental Hotels Group: Widening Competitive Moat At A Lower Valuation
Summary InterContinental Hotels Group is enhancing its competitive advantage by expanding its rewards program, increasing direct bookings through its app, and growing its portfolio of luxury and lifestyle brands. Despite economic challenges, IHG reported strong financial results in the first half of 2024, with growth in revenue per available room (RevPAR), system size, and hotel pipeline. Shares of InterContinental Hotels appear reasonably valued, but investors should keep in mind the high risk of recession in the U.S., and the current economic weakness in China. Read the full article on Seeking AlphaSeeking Alpha • May 14
InterContinental Hotels Group: EMEAA Performance Encouraging, But RevPAR Showing Signs Of Plateauing
Summary InterContinental Hotels Group has seen a 30% increase in its stock price since November. Q1 2024 financial results show a decrease in RevPAR and occupancy across the Americas. IHG's focus on expansion in the German market and strong RevPAR performance in EMEAA could drive future revenue growth. Read the full article on Seeking AlphaSeeking Alpha • Apr 26
InterContinental Hotels Group's Share Price Leaves No Room For Error
Summary InterContinental Hotels Group is a UK-based company that operates hotels and charges fees for hotel management and brand use. IHG controls well-known hotel brands, and has a powerful loyalty program with over 130 million members, giving it a strong competitive moat. The company has a strong financial position, returning capital to shareholders through dividends and share repurchases, and has a reasonable valuation compared to its US peers. Read the full article on Seeking AlphaSeeking Alpha • Mar 08
InterContinental Hotels: Low-Teens EPS Growth CAGR Is Possible
Summary Positive growth potential for InterContinental Hotels Group with strong underlying demand and organic traffic improvements. Focus on technology investment and credit card opportunities to support growth and margin expansion. Long-term growth driver in credit card revenue, with the potential to increase revenue stream and attract high-paying customers. Read the full article on Seeking AlphaSeeking Alpha • Feb 23
InterContinental Hotels Group Is Fairly Valued With No Catalysts On The Upside Or Downside
Summary IHG is a global hotel company with over 6,000 hotels and nearly 1 million rooms worldwide. The company primarily operates through franchising and managing hotels on behalf of third parties. IHG's growth drivers are focused on increasing revenue per available room and expanding the number of rooms in their system. In the near term consumer spending will be a challenge and longer term IHG should benefit from younger generations' consumer habits. Read the full article on Seeking AlphaSeeking Alpha • Nov 16
InterContinental Hotels Group: Holiday Inn Express Brand Performance Remains Impressive
Summary InterContinental Hotels Group has continued to show growth across RevPAR and occupancy. Performance across the Holiday Inn Express brand continues to remain impressive. I continue to take a long-term bullish view on InterContinental Hotels Group. Read the full article on Seeking AlphaSeeking Alpha • Sep 14
InterContinental Hotels: Industry Setup Favorable; Credit Card Strategy Gaining Traction
Summary InterContinental Hotels' 1H23 results show positive growth, with RevPAR increasing by 9.9% and prices rising by 12.2% compared to pre-COVID levels. I expect IHG to continue growing at mid-teens in the next few years due to supply shortage and travel recovery. The credit card strategy is gaining traction and I see this contributing to a strong flywheel effect. Read the full article on Seeking AlphaSeeking Alpha • Aug 15
InterContinental Hotels Group: Strong Revenue Growth And Attractive Price/RevPAR Ratio
Summary InterContinental Hotels Group has continued to see revenue growth - including among brands with a higher average daily rate. In addition, the stock looks more attractively valued than in previous years on the basis of Price/RevPAR. I revise my view on InterContinental Hotels Group from hold to buy. Read the full article on Seeking AlphaSeeking Alpha • Feb 20
InterContinental Hotels FY 2022 Earnings Preview
InterContinental Hotels (NYSE:IHG) is scheduled to announce FY earnings results on Tuesday, February 21st, before market open. The consensus EPS Estimate is $2.80 and the consensus Revenue Estimate is $1.87B. Over the last 3 months, EPS estimates have seen 1 upward revision and 0 downward. Revenue estimates have seen 7 upward revisions and 1 downward.Seeking Alpha • Jan 11
InterContinental Hotels: Rising RevPAR Shows Strong Customer Demand Despite Inflation
Summary InterContinental Hotels Group has seen RevPAR across its luxury Kimpton brand rebound to 2019 levels in spite of inflationary pressures. I am optimistic that the company can continue to bolster RevPAR in Q4. I take a long-term bullish view on the company. Investment Thesis: I take a bullish view on InterContinental Hotels Group (IHG) due to continued growth in RevPAR despite inflationary pressures. In a previous article back in November, I made the argument that InterContinental Hotels Group has continued to see strong RevPAR growth, but further earnings growth and a reduction in long-term debt could be significant catalysts for further upside going forward. The stock has continued to perform well, up by just over 12% since my last article: investing.com The purpose of this article is to assess whether the upside that we have been seeing in the stock can continue from here. Performance While I had previously stated that RevPAR (or revenue per available room) across the EMEAA and Greater China regions had largely caught up with performance across the Americas, the Americas still remains IHG's largest market - with over 70% of the company's hotel portfolio based there as of Q3 2022. IHG Supplementary Information - Q3 2022 From this standpoint, I decided to conduct a deeper analysis of brand performance across the Americas. Specifically, I decided to compare performance for both 2019 and 2022 (Q1 to Q3) by analysing the average RevPAR across brands from lowest to highest across each brand. Please note that the original RevPAR figures for each quarter were sourced from historical quarterly reports, with the below averages calculated using SQL - calculations and original data can be found here. 2019 Q1 to Q3: Average RevPAR by brand Brand Average RevPAR from Q1 to Q3 Candlewood Suites 64.23 Holiday Inn 76.88 Holiday Inn Express 80.90 Crowne Plaza 86.78 Staybridge Suites 93.42 Hotel Indigo 123.43 EVEN Hotels 139.37 InterContinental 153.31 Kimpton 195.90 Source: Average RevPAR calculated by author using SQL using data sourced from historical quarterly reports for InterContinental Hotels Group (2019 Q1 to Q3). 2022 Q1 to Q3: Average RevPAR by brand Brand Average RevPAR from Q1 to Q3 Crowne Plaza 72.39 Candlewood Suites 72.75 Holiday Inn 75.60 Holiday Inn Express 85.60 Staybridge Suites 95.04 EVEN Hotels 106.64 Hotel Indigo 116.86 InterContinental 133.70 Kimpton 188.68 Source: Average RevPAR calculated by author using SQL using data sourced from historical quarterly reports for InterContinental Hotels Group (2022 Q1 to Q3). From the above, we can see that the Kimpton brand has yielded the highest average RevPAR across both periods, with 2022 levels having almost reached levels seen in 2019. That said, the Holiday Inn Express brand (which is the largest brand for the Americas by number of hotels) has seen its average RevPAR in 2022 exceed that of 2019 levels. Overall, the data is encouraging, as it indicates that customers still have a high propensity to spend on hotel bookings in spite of inflationary pressures. For instance, when we look at a heatmap of RevPAR by quarter for both the Kimpton and Holiday Inn Express brands, we can see that Q3 2022 RevPAR has rebounded to Q3 2019 RevPAR in the case of Kimpton, and exceeded Q3 2019 levels in the case of Holiday Inn Express. Kimpton - RevPAR by quarter Figures sourced from previous InterContinental Hotels Group Quarterly Reports. Heatmap generated by author using Python's seaborn library. Holiday Inn Express - RevPAR by quarter Figures sourced from previous InterContinental Hotels Group Quarterly Reports. Heatmap generated by author using Python's seaborn library.Seeking Alpha • Dec 28
InterContinental Hotels Maintains A Solid Positioning With A Reasonable Stock Price
Summary InterContinental Hotels Group PLC has already bounced back to pre-pandemic levels. Its solid liquidity position allows its operating capacity to cope with market trends. The growth outlook is still optimistic, but it must watch out for China's lockdowns. The resumption of dividends conveys continued recovery and adequate cash reserves. The stock price moves in line with fundamentals and remains reasonable. InterContinental Hotels Group PLC (IHG) has seen hammered growth in the last two years. But now, it continues to fire up with its solid revenues and margins. Its impeccable performance may continue as market trends appear more optimistic. Travel trends are bouncing back to 2019 levels despite inflationary headwinds. Moreover, it has the adequate financial capacity to sustain its operations and cover borrowings. It can expand further to seize rosy market opportunities with its stable cash levels. Dividend payments have already resumed with reasonable yields. They remain well-covered as the company generates more returns. Likewise, the stock price shows enticing upside potential. It has potential undervaluation, which can be an ideal entry point to buy stocks. Company Performance InterContinental Hotels Group PLC has faced massive disruptions in the last two years. Pandemic restrictions limited the operations, leading to lower revenues. The Omicron fears and the geopolitical tension in Europe led to more challenges. Today, inflationary headwinds are testing the financial stability of the company. Despite all these, IHG shows its capacity to maneuver itself with prudence in a rugged market. It proves its resilience and durability as it gradually regains its footing. With the easing of restrictions and business rebounds across regions, leisure and business travel is increasing. IHG shows an impeccable rebound in all its markets except Greater China due to another surge of infections. Overall, the upward momentum of the company is evident. Its operating revenue reached 1.38 GBP in the first half, a 64% year-over-year increase. Indeed, revenge travel offsets the impact of the rising prices. There may be changes in itineraries, but people are willing to spend as much as they spent in 2021. Most Millennials and Gen Zers say inflation strains their travel budget, but they still plan to travel. We can also attribute this increase to the continued hotel reopenings. IHG continues to seize the opportunity as travel fires up. Also, it has an ideal business model. It is composed of leases and fee-based models. Its fee segment is agile since it can adjust its room rates to price increases. This half-year, I expect more impressive results despite mixed market results. The UK saw inflation peak at 11.1%, but the drop to 10.7% recently may convey economic stability. Meanwhile, the US and Canada have an optimistic outlook as their inflation continues to lull. Also, seasonality makes revenge travel more robust in the second half. The biggest problem I see is the intense lockdowns in China as Covid-19 infections surge. It may have a weaker performance in the area in 4Q 2022 and 1Q 2022. Note that it comprises 12% of the total hotels of the company. Even so, it may be offset by the solid growth in the Americas and EMEAA. I also believe fuel prices may stabilize in 2023, leading to a steadier performance. Operating Revenue (MarketWatch) Moreover, we can observe its continued rebound to 2019 levels. The 3Q RevPAR of $86.83 is 16% higher than in 3Q 2019. I expect it to increase, since revenge travel has yet to unleash its potential. Inflation and restrictions in certain areas are hampering its upside potential. I will discuss more of it in the next section. RevPAR (IHG 3Q Presentation) With regard to its peers, IHG remains an excellent company to watch. It holds a market share of 5.9%, a noticeable improvement from 5% in the comparative quarter. Its revenue growth is way above the peer average of 39%. Indeed, it continues to grow faster than most of its peers. Market Share (MarketWatch) Revenue Growth (MarketWatch) What makes IHG even more impressive is its ability to manage costs and expenses. Their increase is proportionate to revenues despite the inflation. With that, IHG stays viable. Its operating margin of 21.1% is higher than the peer average of 21%. It is also better than larger hotels like Marriott (MAR) with 17.8%, Hyatt (H) with 10.2%, and Accor (ACRFF) with 7.2%. The results of IHG's hotel expansion, revenge travel, China's lockdown, and inflation may be mixed. To be more conservative, I estimate margins to be almost the same. But it may be lower at 20% than in the comparative half-year. Operating Margin (MarketWatch) How InterContinental Hotels Group PLC May Stay Durable Inflation, mainly fuel prices, can deter hotel industry growth. But the views of many individuals about revenge travel are optimistic. The plan to lodge away from home in 4Q 2022 and 1Q 2023 holidays is 2.9% higher than in 2021. Changes in itineraries are their best option to cope with the higher fares and fuel prices. Millennials are more optimistic about travel. Among the respondents, 14% have New Year Travel plans versus 12% in the previous year. They also have adequate finances since the unemployment rate remains low and stable. It supports the increase in occupancy rates and levels. In turn, the company seizes this opportunity by raising rates and reopening more hotels. Currently, it has 6,051 hotels versus 6,031 hotels in the comparative quarter. Number Of Hotels And Rooms (IHG 3Q Presentation) Even better, American and British travel plans seem hotter than in 2020 and 2021. In a survey, 96% of people plan to take at least one trip this 2023. The same study shows that 37% of people will spend more on travel, while 43% will spend the same next year. Relaxation, quality time with family, going away from home, and a change in scenery are their primary motivations. The UK also has optimistic travel outlooks. Based on the recent survey, estimations show that travel spending may amount to 29.5 billion GBP. It is higher than in 2019 and 2022 by 4% and 14%, respectively. Indeed, the hotel and accommodation industry sees more enticing growth prospects. It can allow them to raise their rates as they open more hotels and rooms. Travel Plans In 2023 (hopper) Travel Spending In 2023 (hopper) Another proof of maintained purchasing power is the changes in travel preferences. Europe and Asia-Pacific are drawing a vigorous travel interest. It is consistent with the recent data about flight searches. International flight searches are rising to 62% versus 38% of domestic searches. American Travel Flight Searches ('CNBC') But again, IHG must beware of Greater China's lockdowns. I don't want to downgrade its potential impact since China is also a primary market. If policymakers fail to contain it, other markets may be affected. The vaccination continues, but its capacity to keep the threats at bay remains to be seen. The substantial rebound in the Americas, Europe, and the Middle East, may hopefully offset the changes in East Asia. The core strength of IHG lies in the stable fundamentals. Cash and cash equivalents keep increasing, showing increased returns. Meanwhile, borrowings remain relatively stable, which is advantageous to its liquidity. It has a Net Debt/EBITDA of 2.5x, which is way lower than the maximum level of 3.5-4.5x. IHG is also a capital-intensive company, since it has many hotels under its management. The company earns enough from its core operations to cover borrowings. We can confirm it in its stable cash inflows, which are more than enough to cover CapEx. These show that IHG has more than enough cash reserves to sustain its operations despite market changes. It remains viable, liquid, and sustainable.Seeking Alpha • Nov 11
InterContinental Hotels Group: Optimistic, But Upcoming Quarters Will Be Telling
Summary InterContinental Hotels Group has continued to see strong RevPAR growth. Further earnings growth and a reduction in long-term debt could be significant catalysts for the upside. I take a bullish view of the stock overall. Investment Thesis: InterContinental Hotels Group (IHG) has seen strong RevPAR growth, and could see further upside if earnings continue to increase and long-term debt declines. In a previous article back in August, I made the argument that InterContinental Hotels Group could see further upside going forward, on account of U.S. RevPAR levels exceeding levels seen in 2019 along with a continued reduction in net debt. Since then, the stock is down by just over 5% since my last article: investing.com The purpose of this article is to evaluate whether the stock could see a rebound in upside from here, particularly taking most recent quarterly performance into consideration. Performance In my last article, I made the point that growth across the US market had largely been driving growth for the company, as evidenced by that market having seen a higher RevPAR relative to EMEAA and Greater China. While this has continued in the most recent quarter - it is still notable that RevPAR growth across the EMEAA region has largely caught up with that of the Americas - growing by over 75% to $93.41. Additionally, RevPAR growth for Greater China also came back into positive territory, up by 11% as opposed to the last quarter when we saw RevPAR down by nearly 40%. IHG Supplementary Information - Q3 2022 Additionally, it is also notable that with the Kimpton, InterContinental and Hotel Indigo brands having shown the highest ADR (average daily rate) for the Americas, EMEAA and Greater China respectively - all three of these brands showed impressive growth in RevPAR, from 24.2% for Hotel Indigo to 94.1% for InterContinental. When looking at the company's latest balance sheet, it is interesting to note that the company's long-term debt to total assets ratio was at a very similar level to that of 2019 last year - indicating that the company's debt load relative to assets has not had to increase significantly in order to finance the recovery that we have been seeing in RevPAR. 2019 2021 Non-current loans and other borrowings 2,078 2,553 Total assets 3,976 4,716 Long-term debt to total assets ratio 0.52 0.54 Source: Figures sourced from InterContinental Hotels Group 2019 and 2021 Annual Report (except long-term debt to total assets ratio). Figures provided in USD millions. Long-term debt to total assets ratio calculated by author. Looking Forward Going forward, while RevPAR growth has been impressive - I take the view that investors will be increasingly looking to see if the revenue growth we have been seeing provides a significant boost to earnings and whether the company can also significantly reduce its long-term debt load as a result. When looking at the company's historical P/E ratio, we can see that the ratio is back down to levels seen between 2018 to 2020, but earnings per share still remains below the peak seen in 2016. ycharts.com In this regard, the next two quarters will likely be a good indicator as to whether earnings can rebound to the higher end of the range that we have seen over the past ten years.Seeking Alpha • Oct 29
InterContinental Hotels Looking Cheap Despite An Uncertain Macro Environment
Summary InterContinental Hotels Group's recovery is continuing nicely as 2022 numbers still come up against COVID-affected comps. Recession fears are mounting, but the company is relatively well placed heading into 2023, with pandemic recovery-fueled growth still in the tank and a portfolio that's skewed toward the Americas. Like most stocks, InterContinental Hotels has fallen sharply in recent months. Long-term growth prospects remain attractive and leave the shares significantly undervalued. Buy. I had somewhat mixed views on InterContinental Hotels Group (IHG) when I first covered the stock back in March. There was nothing wrong with the long-term outlook, but with the then stock price already baking in a full post-COVID recovery and the near-term outlook set to sour due to events in Ukraine, it didn't strike me as an obvious buy. These shares have since fallen around 15%, albeit that reflects the more general decline in global stocks rather than anything company-specific. Data by YCharts This puts IHG in a much more interesting position than it was back in early March. The company has notched up a couple more quarters of recovery-driven growth since then, and while the macro environment is obviously getting gloomier for consumer discretionary firms, the continuing return to pre-pandemic travel trends should more than absorb that over the coming year or two. With the sell-off putting these shares on a healthier-looking forward valuation, I'm upgrading IHG to long-term 'buy'. Recovery Continuing Nicely 2022 was always going to be a year of recovery-driven growth for the global lodging industry, and at IHG that recovery looks to be chugging along quite nicely based on its recently released third quarter trading update. Q3 2022 marked a big milestone for the company, with global revenue per available room ("RevPAR") finally inching past pre-COVID levels for the first time. Group RevPAR came in at $87.37, up nearly 28% on the year-ago period and nearly 3% on the comparable period in 2019 (both figures presented at constant exchange rates). That was driven by strong growth in the average daily rate, which at $129.29 was up almost 13% year-on-year and just over 11% versus 2019 levels, and helped offset still-softish occupancy, which at 67.6% remained 5.8 points below pre-COVID levels albeit on an improving trend. Data Source: IHG Q3 2022 Trading Update Digging a little deeper, there were bright spots in areas that were still weak back in the first quarter. That includes Europe, with the group's wider EMEAA (Europe, the Middle East, Asia & Africa) segment virtually back to pre-COVID RevPAR levels (EMEAA RevPAR was just 0.1% below 2019 levels in Q3). Greater China also booked another quarter of sequential improvement. RevPAR for the region remained 20% below 2019 levels - a marked improvement on both Q2 (49% below 2019 levels) and Q1 (42% below 2019 levels). The Americas remains the engine of the recovery, helped by its largely domestic travel mix and high share of total group rooms. Americas RevPAR was up 6.8% on 2019 levels in Q3, and the occupancy rate was just 3.4 points below pre-pandemic levels. Long-Term Outlook Solid; Short Term Slightly Less So Low levels of unemployment have aided the post-COVID recovery here: Employment levels globally remain high, which supports occupancy levels that are 8 percentage points up on last year and now just 6 percentage points below 2019. Keith Barr, CEO, IHG Hotels & Resorts With that in mind, mounting fears of a global recession will undoubtedly weigh on sentiment, given IHG and the broader lodging industry's sensitivity to economic conditions. While that makes for a more uncertain near-term outlook here, there are some offsetting features that can work in IHG's favor. Firstly, IHG's hotel estate skews to the Americas, with over 50% of group-wide rooms situated in the United States. The US obviously isn't immune to the worsening macro environment, but it is in a much better place than Europe, which only represents around 13% of total group rooms here. The recent revamp of the company's Crowne Plaza and Holiday Inn brands in the region should help in that respect too, with renovated hotels typically sporting higher occupancy levels and room rates. Source: IHG 2022 Half Year Results Presentation Secondly, and in line with other industry leaders, IHG's high return on capital fee-based business model will allow it to absorb a downturn while remaining highly profitable. Note that the company scores an 'A' on Seeking Alpha's Profitability Grade and an 'A+' for return on total capital specifically. Finally, there is still a significant degree of recovery-fueled growth left in H1 2023 given the relatively soft 1H 2022 (versus pre-COVID levels). Source: Seeking Alpha IHG Profitability Tab I remain bullish in the long run. IHG benefits from a number of advantages, including structurally higher growth prospects for branded hotels, which typically yield higher occupancy rates than independents. Third party hotel managers can tap into company loyalty programs, for example, with IHG's own loyalty program topping 100 million members. As per the company, loyalty program members typically spend more and represent a more profitable source of guests for hotel owners: Our members drive around half of all room nights globally each year and spend 20% more in our hotels than non-members. They are also nine times more likely to book direct, which is more profitable to our owners. IHG 2021 Annual ReportSeeking Alpha • Sep 19
InterContinental Hotels Group: Strong Growth With A Bargain Price
Summary InterContinental Hotels Group is one of the best rebound play in the travel industry. The leading hotel chain reported robust growth during its latest earnings and resumed its dividend payments and buybacks. The company is currently trading at a significant discount compared to other peers such as Marriott and Hilton. I rate the company as a buy.Seeking Alpha • Aug 31
InterContinental Hotels goes ex-dividend tomorrow
InterContinental Hotels (NYSE:IHG) had declared $0.439/share interim dividend. Payable Oct. 6; for shareholders of record Sept. 2; ex-div Sept. 1. See IHG Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Aug 23
InterContinental Hotels Group: Recent Results Encouraging
InterContinental Hotels Group has started to see U.S. RevPAR levels exceed that of 2019. The company's continued reduction in net debt is also encouraging. I take a long-term bullish view of the stock. Investment Thesis Strong growth in U.S. RevPAR as well as a further reduction in net debt could continue to propel the stock higher. In a previous article back in July, I made the argument that InterContinental Hotels Group (IHG) could see a rebound in upside ahead - if we continue to see strong growth in U.S. domestic travel demand and a further rise in free cash flow. Since the beginning of July, we can see that the stock has appreciated strongly to near prior levels seen earlier in 2022. investing.com The purpose of this article is to assess whether such growth can continue given recent half-term performance. Performance In my previous article, I cautioned that while the rebound in revenue growth has been encouraging - investors will be likely to pay particular attention to cash flow when analysing the company's 2022 half-year results, in order to ensure that the revenue growth is not being eroded by the effects of higher operating expenses. When looking at 2021 and 2022 half-year results, we can see that growth in EBITDA and adjusted free cash flow has continued, while the reduction in net debt has accelerated - from a reduction of $71 million in H1 2021 to a reduction of $163 million in H1 2022. H1 2021 IHG Hotels and Resorts - 2021 Half Year Results H1 2022 IHG Hotels and Resorts - 2022 Half Year Results This is an encouraging sign - as it indicates that the company is generating sufficient earnings growth to sustainably lower its debt levels and reinstate its dividend of 43.9 cents per share. While the company's recent $500 million buyback scheme will have also played a role in the recent rise in share price - further growth in cash flow will allow the company to increase its rate of reinvestment into the business, which could still drive further upside in the stock. Looking Forward Going forward - the growth that we are seeing across the U.S. market could continue to be encouraging - in spite of inflationary pressures. For instance, we can see that growth in leisure demand across the U.S. has now exceeded 2019 levels: IHG Hotels and Resorts - 2022 Half Year Results While the coming winter months could lead to a typical seasonal decline in demand - I do not envisage that this should be particularly acute given the growth thus far. Business travel has also been making a strong recovery and is on track to also exceed 2019 levels. In terms of potential risks, it is evident that U.S. growth has largely been driving the recovery for this company. IHG Supplementary Information - Q2 2022 While the Americas has accounted for the lion's share of RevPAR growth - we can see that growth across this metric for EMEAA and Greater China is still negative for most hotels when comparing RevPAR growth to 2019 levels. In this regard, one risk is that we could see growth across the Americas start to plateau as demand begins to reach a saturation point - while growth across EMEAA and Greater China is not sufficient to continue driving growth overall. With that being said, we can see that while Greater China RevPAR levels are still significantly below 2019 levels - that of EMEAA has been improving significantly - even if levels are still slightly below that of 2019.Seeking Alpha • Aug 09
InterContinental Hotels GAAP EPS of $11.74, revenue of $1.79B beats by $780M
InterContinental Hotels press release (NYSE:IHG): 1H GAAP EPS of $11.74. Revenue of $1.79B (+51.7% Y/Y) beats by $780M.Seeking Alpha • Jul 27
InterContinental Hotels Group: A Rebound In Upside Could Be Ahead
A strong rebound in U.S. domestic travel demand has been favourable for InterContinental Hotels Group. Should we continue to see growth in free cash flow, then I envisage further upside. I take a long-term bullish view on this stock. Investment Thesis: InterContinental Hotels Group (IHG) could see further upside on the basis of favourable exposure to U.S. domestic demand and further potential growth in free cash flow. In a previous article back in May, I made the argument that InterContinental Hotels Group could see some downward pressure in the short to medium-term, as a result of inflationary concerns as well as the impact of COVID-19 lockdowns in China. Since then, we have seen the stock take a slight decline into the summer months: ycharts.com The purpose of this article is to determine whether the stock could be in a position to see a rebound in upside from here. Performance When looking at InterContinental Hotels Group from an earnings standpoint, we can see that the EV to EBITDA ratio is slightly lower than that seen pre-2020. However, we can also see that EBITDA has yet to recover to levels seen before the pandemic. EV to EBITDA: 2014 to 2020 ycharts.com EV to EBITDA: 2021 to present ycharts.com According to the company's May/June 2022 Investor Presentation, InterContinental Hotels Group could find itself in a good position to withstand current macroeconomic pressures for a number of reasons. Firstly, domestic travel appears to be leading the recovery across the U.S. market, which accounted for 97% of the demand mix for 2021. IHG Hotels & Resorts: Investor Presentation May/June 2022 This is encouraging as it indicates that even with travel bottlenecks and flight cancellations across Europe - the impact to the U.S. travel market this summer is likely to be limited. Additionally, when looking at RevPAR (or revenue per available room) trends for IHG - we can see that the Americas have been by far the most resilient - almost recovering to 2019 levels. IHG Hotels & Resorts: Investor Presentation May/June 2022 Additionally, when looking at U.S. RevPAR performance from 2008 to 2015, we can see that IHG led both the Upper Midscale and Lux & Up Up markets in the subsequent recovery: IHG Hotels & Resorts: Investor Presentation May/June 2022 Additionally, 2021 revenue saw the Americas account for 55% of the total, with 21% and 8% for EMEAA and Greater China respectively. From this standpoint, my previous article may have overestimated the impact of COVID-19 lockdowns in China. While this invariably has had an impact on RevPAR trends across the region - the recovery across the U.S. market has largely helped to make up for this. Looking Forward Notwithstanding inflationary pressures and potential volatility across the travel industry more generally - I take the view that InterContinental Hotels Group is one of the better placed companies in the industry to capitalise on the rebound in travel demand - given the company's strong exposure to U.S. demand and encouraging RevPAR growth. With half-year results set to be announced on 9 August, I will be paying particular attention to cash flow. While many companies across the hotel industry are seeing a rebound in revenues - this is also accompanied by an increase in operating expenses (such as sales and marketing) to fund greater demand. In this regard - investors are unlikely to be swayed by revenue performance alone, and will be looking to see if the company can translate this into cash growth.Seeking Alpha • May 13
InterContinental Hotels: Inflation And Potential Underperformance In China Could Cause Headwinds
InterContinental Hotels Group has seen a significant rebound in revenue and cash flow to date. However, inflation stands to dent the appetite for hotel bookings. Moreover, current COVID lockdowns in China could significantly affect revenue performance.Seeking Alpha • Mar 11
InterContinental Hotels Group - Moving On From COVID
InterContinental Hotels Group is one of the world's largest hotel companies, owning brands like Holiday Inn, Crowne Plaza and namesake InterContinental. The vast majority of its business is now tied to franchise and management contracts, which is high margin and leads to high returns on capital. COVID has obviously been a huge drag on the business, with a full recovery only likely in 2023/2024, while it is also sensitive to the fallout from Russia/Ukraine. While I'm expecting high single-digit long-term annualized growth here, uncertainty in the near term could put a lid on the stock. Hold.Seeking Alpha • Jan 11
InterContinental Hotels: Business Recovery Is Gathering Pace, But Work Still To Be Done
Quarter by quarter, hotel group IHG is getting closer to pre-pandemic revenue levels. But the recovery is uneven geographically and may yet take some years. The company's strong brand portfolio means a reduction in premium business travelers could hurt it, but otherwise helps give it pricing power and I expect that to remain the case. I would happily buy at the current level to hold for the long-term.Seeking Alpha • Oct 20
InterContinental Hotels Group: Future Growth Increasingly Dependent On The Chinese Market
InterContinental Hotels Group has continued to see some upside this year. However, revenue growth across the Americas and EMEAA has been plateauing, even before the pandemic. Capacity for further net room growth across Greater China will be a major determinant of whether the company can see long-term upside from here.Seeking Alpha • Aug 08
InterContinental Hotels Group: Demand Rebounding, But Stock Still Seems Overpriced
InterContinental Hotels Group, like other companies in the industry, has seen hotel booking demand start to rebound this year. However, the stock still seems overpriced at this point. In addition, renewed concerns over the Delta variant could bring the stock lower.業績と収益の成長予測
| 日付 | 収益 | 収益 | フリー・キャッシュフロー | 営業活動によるキャッシュ | 平均アナリスト数 |
|---|---|---|---|---|---|
| 12/31/2028 | 2,970 | 1,045 | 993 | 1,169 | 3 |
| 12/31/2027 | 2,781 | 949 | 927 | 1,092 | 6 |
| 12/31/2026 | 2,636 | 871 | 846 | 1,037 | 6 |
| 12/31/2025 | 5,189 | 758 | 701 | 898 | N/A |
| 9/30/2025 | 5,155 | 754 | 691 | 886 | N/A |
| 6/30/2025 | 5,120 | 750 | 680 | 874 | N/A |
| 3/31/2025 | 5,022 | 689 | 663 | 799 | N/A |
| 12/31/2024 | 4,923 | 628 | 646 | 724 | N/A |
| 9/30/2024 | 4,822 | 633 | 652 | 732 | N/A |
| 6/30/2024 | 4,720 | 638 | 657 | 740 | N/A |
| 3/31/2024 | 4,672 | 694 | 734 | 817 | N/A |
| 12/31/2023 | 4,624 | 750 | 811 | 893 | N/A |
| 9/30/2023 | 5,090 | 684 | 748 | 840 | N/A |
| 6/30/2023 | 3,892 | 618 | 685 | 786 | N/A |
| 3/31/2023 | 3,476 | 497 | 616 | 716 | N/A |
| 12/31/2022 | 3,892 | 375 | 547 | 646 | N/A |
| 9/30/2022 | 2,915 | 405 | 558 | 642 | N/A |
| 6/30/2022 | 2,769 | 434 | 569 | 638 | N/A |
| 3/31/2022 | 2,544 | 350 | 577 | 637 | N/A |
| 12/31/2021 | 2,318 | 266 | 584 | 636 | N/A |
| 9/30/2021 | 2,073 | 132 | 436 | 480 | N/A |
| 6/30/2021 | 1,827 | -2 | 288 | 324 | N/A |
| 3/31/2021 | 1,792 | -131 | 174 | 231 | N/A |
| 12/31/2020 | 1,757 | -260 | 60 | 137 | N/A |
| 9/30/2020 | 2,200 | -195 | N/A | N/A | N/A |
| 6/30/2020 | 2,642 | -131 | 283 | 445 | N/A |
| 3/31/2020 | 3,049 | 127 | 376 | 549 | N/A |
| 12/31/2019 | 3,456 | 385 | 469 | 653 | N/A |
| 9/30/2019 | 3,396 | 404 | N/A | N/A | N/A |
| 6/30/2019 | 3,335 | 422 | N/A | 597 | N/A |
| 3/31/2019 | 3,251 | 386 | N/A | 653 | N/A |
| 12/31/2018 | 3,166 | 349 | N/A | 709 | N/A |
| 9/30/2018 | 3,113 | 431 | N/A | 722 | N/A |
| 6/30/2018 | 3,060 | 525 | N/A | 656 | N/A |
| 3/31/2018 | 3,016 | 533 | N/A | 617 | N/A |
| 12/31/2017 | 2,972 | 534 | N/A | 616 | N/A |
| 9/30/2017 | 3,791 | 543 | N/A | 545 | N/A |
| 6/30/2017 | 2,307 | 462 | N/A | 597 | N/A |
| 3/31/2017 | 2,011 | 438 | N/A | 675 | N/A |
| 12/31/2016 | 2,866 | 456 | N/A | 710 | N/A |
| 9/30/2016 | 1,721 | 735 | N/A | 768 | N/A |
| 6/30/2016 | 1,726 | 1,055 | N/A | 783 | N/A |
| 3/31/2016 | 1,765 | 1,139 | N/A | 706 | N/A |
| 12/31/2015 | 1,803 | 1,222 | N/A | 628 | N/A |
| 9/30/2015 | 1,834 | 871 | N/A | 597 | N/A |
| 6/30/2015 | 1,865 | 520 | N/A | 565 | N/A |
アナリストによる今後の成長予測
収入対貯蓄率: IHGの予測収益成長率 (年間9.4% ) は 貯蓄率 ( 3.5% ) を上回っています。
収益対市場: IHGの収益 ( 9.4% ) US市場 ( 16.6% ) よりも低い成長が予測されています。
高成長収益: IHGの収益は増加すると予測されていますが、大幅には増加しません。
収益対市場: IHGの収益は今後 3 年間で減少すると予想されています (年間-13.1% )。
高い収益成長: IHGの収益は今後 3 年間で減少すると予測されています (年間-13.1% )。
一株当たり利益成長率予想
将来の株主資本利益率
将来のROE: IHGの 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です
成長企業の発掘
企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2026/05/07 20:25 |
| 終値 | 2026/05/07 00:00 |
| 収益 | 2025/12/31 |
| 年間収益 | 2025/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
|
|
| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
|
* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。
業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
InterContinental Hotels Group PLC 16 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。43
| アナリスト | 機関 |
|---|---|
| David Loeb | Baird |
| Ricardo Benevides Freitas | Banco Santander |
| Jaina Mistry | Barclays |